Harris notes that wage gains will benefit from these favorable
credit conditions as it will enable businesses to engage in
hiring, bringing the unemployment rate down.

In terms of downside risks, Harris acknowledges that
weakness in exports and disappointments in capital
expenditures could pull the GDP growth rate down to around 1%.
But Harris also sees a 15% chance that healthier-than-expected
household formation could send the pace of growth to 3.5%.